The short-form video app has until mid-September to change its ownership structure or face a ban in the United States, after a number of deadline extensions from President Trump.

Beijing is taking an industrial policy approach to help its A.I. companies close the gap with those in the United States.

As China vies with Silicon Valley for primacy, Hangzhou, home to DeepSeek and Alibaba, is where its aspiring tech titans mingle and share ideas.

President Trump has declined to enforce a statutory ban of the popular social media app while his administration negotiates a deal for an American company to acquire it.

He didn’t say who was interested in buying the app, just that it was “a group of very wealthy people.” But the Chinese government needs to approve any sale.